《馬士基集團Maersk Group2024財年第四季度及全年投資者業績演示報告（英文版）（30頁）.pdf》由會員分享，可在線閱讀，更多相關《馬士基集團Maersk Group2024財年第四季度及全年投資者業績演示報告（英文版）（30頁）.pdf（30頁珍藏版）》請在三個皮匠報告上搜索。

1、A.P.Mller-Mrsk A/SQ4 and FY 2024Investor PresentationForward-lookingstatementsThis presentation contains forward-looking statements.Such statements are subject to risks and uncertainties as various factors,many of which are beyond the control of A.P.Mller-Mrsk A/S(APMM),may cause actual developments

2、 and results to differ materially from the expectations contained in this presentation.Comparative figuresUnless otherwise stated,all comparisons refer to y/y changes.Unless otherwise stated,all figures in parentheses refer to the corresponding figures for the same period prior year.Q4 andFY 2024Hig

3、hlightsHighlights 2024Strong finish to 2024 Strong fourth quarter leading to full-year EBITDA/EBIT of USD 12.1bn/6.5bn with good momentum Third-best financial year in APMM history(best year outside of pandemic-fuelled boom)Clear progress in Logistics&Services with margin improvement(EBIT margin H1 v

4、s H2:2.5%vs 4.6%)Strong operations in Ocean amid Red Sea disruption and strong market demand High performance in Terminals with ROIC of 13.5%For 2025 Gemini:New network launched on Feb 1,2025 Guidance/outlook:Global volume growth for 2025 expected at around 4%,with Maersk to grow in line with market

5、 No imminent indication that Red Sea will re-open in 2025 but likelihood has increased FY2025 underlying EBIT:USD 0-3bn range driven by timing of potential Red Sea re-openingHighlights 2024Dividend proposal and sharebuy-back reinstatement Given the better than expected 2024,the strong balance sheet

6、and outlook for 2025,the APMM Board has decided to:Propose to the AGM on March 18,2025,a dividend ofDKK 1,120 per share for 2024,equivalent to a 40%pay-out in line with dividend policy Re-instate the share buy-back programme of approximately USD 2.0bn to be executed over 12 months Therefore,the tota

7、l cash return to shareholders in 2025 will be approximately USD 4.4bn Total return to shareholders in 2024 was 8%(1)1)Including Svitzer spin-off.APMM Q4 2024 Financial Results6Logistics&ServicesTracking positivelyTerminalsExcellent performanceRobust profitability despite rates coming off peak set in

8、 Q3Strong asset utilisation of 95%Gemini network launched earlier this month1771618712096839211212711050100150200250Index 100100Q420Q421Q42291Q423117Q424RevenueLoaded volumesUnit costs,fixed bunker*OceanRobust profitabilityRevenue growth of 9.9%driven by Air,LCL and Warehousing Further progress made

9、 on improving operational performance in Middle and Last MileImproved EBIT margin YoY to 4.1%driven by strong margins in Managed by and Transported by MaerskStrong quarter driven by significant increase in revenue per move and strong volumesRecord Q4 EBIT marking four straight quarters in 2024 with

10、EBIT USD 300mStrong ROIC of 13.5%Revenue(USDm)/ROIC(%)8721,0899991,0191,1946.3%7.6%10.5%13.5%10.9%Q420Q421Q422Q423Q424RevenueROICROIC excl.Impairment in Russia2,0613,0163,8603,5423,891USDm158Q420219Q421328Q422285Q423402Q424EBITDAEBITRevenueHighlights Q4 2024Strong performance on the back of strongde

11、mand and operational progressInsert presentation title via Header&FooterSegmentKPITargets(1)LTMAPMMReturn on invested capital(ROIC)(LTM)Every year 7.5%12.3%Return on invested capital(ROIC)(Average)Average 2021-25 12.0%31.3%(2)OceanEBIT margin under normalised conditionsAbove 6%12.7%Execute with the

12、existing fleet size 4.1-4.3m TEU4.3mLogistics&ServicesOrganic revenue growth Above 10%7.2%EBIT margin Above 6%3.6%TerminalsReturn on invested capital(ROIC)(LTM)Above 9%13.5%1)2021-2025 mid-term targets were introduced at the CMD in May 2021.2)Average return on invested capital for the period Q1 2021

13、 to Q4 2024.20212025Continued strategic progress Focus on profitable growth andstrong cost discipline8Implement Gemini to reach 90%+schedule reliability once fully phased-inContinue to bring down unit costAchieve volume growth in line with marketEnable Gemini network through world-class hub terminal

14、sGrow in line with market on existing portfolioExpand portfolio through new concessionsAchieve 6%EBIT margin Continue growth trajectory from 2024Maintain recovery momentum in Fulfilled by Maersk by further improving operations and profitabilityContinued focus on productivity and costsLogistics&Servi

15、cesTerminalsOceanAPMM Q4 2024 Financial ResultsHighlightsStrategic priorities for 2025Operational collaboration between Maersk and Hapag-Lloyd launched on February 1stBookings into Gemini continuing as plannedNew East-West network to be fully phased in by JuneGemini network maintains same geographic

16、al coverage and competitive transit times as current network it replacesMore efficient network to runDecreased costs of approximately USD 500m(1)Higher schedule reliability targeting+90%Better asset utilisationTodays network:7 stopsNew Gemini network:3 stopsAE10ALGECIRASHAMBURGNINGBOTANJUNG PELEPASY

17、ANTIANQINGDAOXINGANGKWANGYANGFELIXSTOWEBREMERHAVENA9AE5Example of a typical route in current and new network1)Fully annualised impact from combined APMM upside including APMT benefits,assuming current volumes and network.9APMM Q4 2024 Financial ResultsHighlightsGemini network launched targetingindus

18、try-leading reliabilityMarket driversDescriptionImpact on supply(TEUs)Supply-sideNew industry deliveriesin 2025 TEU capacity increase+2mPotential Red Sea re-opening TEU capacity release from shorter route/lower TEU miles+1.5m to+2.0m(1)Potential congestion followingre-opening Port congestion from ve

19、ssels arriving simultaneouslyShort-termonlyOther supply-side drivers Scrapping,idling,slow steaming etc.-2.0m to-1.5mDemand-sideStrong market demand Strong demand on back of 2024 continuing into 2025-1.5m to-1.0m10APMM Q4 2024 Financial Results1)5-6%of total global capacity in 2024.Highlights2025 li

20、kely to show greater supply-demand imbalance,but may be largely offset by strong market demand and other market drivers11 APMM expects global container volume growth to be around 4%in 2025 and to grow in line with the market APMM provides its 2025 financial outlook based on Red Sea re-opening:Mid-ye

21、ar for guidance low-endYear-end for guidance high-end Considering these factors APMM expects for the full-year 2025:Underlying EBITDA of USD 6bn to 9bnUnderlying EBIT of USD 0bn to 3bnFree cash flow(FCF)of USD-3bn or higher Unchanged CAPEX guidance of USD 10.0-11.0bn in 2024-2025 and USD 10.0-11.0bn

22、 in 2025-2026USDbnFY25 guidance Underlying EBITDA6-9Underlying EBIT0-3FCF-3 or higherCapex(cumulative)2024-202510.0-11.02025-202610.0-11.0APMM Q4 2024 Financial ResultsNote:APMMs outlook for 2025 is subject to considerable macroeconomic uncertainties impacting container volume growth and freight rat

23、es.Highlights2025 financial guidanceQ4 2024Financial reviewInsert presentation title via Header&FooterFinancial reviewResilient results in the fourth quarter across all segments13 Quarterly profitability increased with EBIT reaching USD 2.1bn(margin:14.0%)compared to USD-537m in the previous year Qu

24、arterly Free cash flow increased significantly to USD 2.2bn,resulting in 5.1bn for the whole year,given a good working capital development in the quarter and slightly lower capex Net profit after tax of USD 2.1bn resulting in USD 6.2bn for the year Total cash and deposits stood at USD 24.0bn with ne

25、t cash of USD 7.4bn,higher than previous year(USD 4.7bn)Strengthened financial position allows for continued shareholder returns and further growth investmentsQ4 24-(PY:-4.7bn)(+4.9pp)APMM Q4 2024 Financial ResultsFY 24USDbn(YoY%change)RevenueEBITDAEBITProfitFCFNIBDROIC(LTM)+24%+329%NMNMNM+8.6%+26%+

26、65%+69%+29%Financial reviewFCF increase due to increased CFFO and good working capital development14Operational cash flow of USD 4.4bn driven by higher EBITDA of USD 3.6bn in combination with favorable working capital movements of USD 837mCash conversion rate of 123%for the quarterFree cash flow of

27、USD 2.2bn was mainly impacted by gross capex of USD 1.7bn,primarily from Ocean investments,and capitalized lease instalmentsFurther cash movements driven by investments into short term depositsCash flow bridge for Q4 24,USDmAPMM Q4 2024 Financial Results4,4152,1633351985001,0001,5002,0002,5003,0003,

28、5004,0004,5000-15Acquisitions,net-100Dividends and share buy-backs-1,578Financial investments and others,net-135Repayment of/proceeds from borrowings,netNet cash flowFree cash flowSale proceeds and dividends receivedFinancial payments,net-16Gross capex-1,650Capitalized lease instalments-784Cash flow

29、 from operationsFourth quarter 2024Ocean15Development in EBIT(USDm)and EBIT margin(%)Volumes up YoY(+0.8%)but down QoQ(-1.3%)following normal seasonality Rates lowered from Q3 peak as expected but at a slower pace which supported the results Excellent asset utilisation at 95%with reliability improvi

30、ng sequentially Substantial YoY growth in profitability with EBIT at USD 1.6bn(margin:16.2%)Capex increased reflecting first installments on vessel orders announced in 2024APMM Q4 2024 Financial Results-1,00001,0002,0003,0004,0005,000-15%0%15%30%45%Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24 Q4 24EBITE

31、BIT marginUSDmQ4 24Q3 24QoQ%Q4 23YoY%Revenue9,90211,107-11%7,18038%EBITDA 2,8214,002-30%196NMEBITDA margin28.5%36.0%-7.5pp2.7%25.8ppEBIT 1,6002,834-44%-920NMEBIT margin16.2%25.5%-9.3pp-12.8%29.0ppGross capex1,244561122%69280%Fourth quarter 2024Ocean|Q4 24 EBITDA benefitted from higher freight rates

32、and lower bunker pricesAPMM Q4 2024 Financial Results16196221782924451002003004005002,1002,2002,3002,4002,5002,6002,7002,8002,900USDmNetwork cost exl.Bunker priceOther revenue,SG&A,net FX impacts and others(2)EBITDA Q4 24Bunker priceContainer handling cost2,299Volume effect30Freight rate effect(1)EB

33、ITDA Q4 232,821Volumes up by+0.8%Loaded freight rates up by+38%Bunker price down at USD 576/tonneDriven by higher bunker consumptionDriven mainly by timing effect of rates and higher Detention&Demurrage revenue1)Shows volume revenue impact net of volume-driven costs.2)Includes revenue recognition an

34、d bunker hedges.Fourth quarter 2024Ocean|Increased freight rates,stable volumes and costs17APMM Q4 2024 Financial Results Average freight rates increased by 38%reflecting continued Red Sea situation and strong market demand Operating costs excluding bunker remained stable(+0.3%),offsetting inflation

35、 and Red Sea related costs Unit cost at fixed bunker increased by 6.6%to 2,431 USD/FFE mainly from increased bunker consumption Average operated fleet capacity was 6.4%higher YoY,reaching 4.4m TEUs.Capacity utilisation remains high at 95%,1pp higher YoY Loaded volumes were up 0.8%to 3,134k FFE for Q

36、4,and up 3.6%to 12,338k FFE for 2024Ocean KPIsQ4 24Q3 24QoQ%Q4 23YoY%Average freight rate(USD/FFE)2,6593,236-18%1,92538%Unit cost,fixed bunker(USD/FFE)2,4312,3762.3%2,2806.6%Average operated capacity(000 TEU)4,3954,3620.8%4,1316.4%Loaded volumes(000 FFE)3,1343,175-1.3%3,1080.8%Contract share Q4 24Q3

37、 24Q4 232024Contracts76%75%70%75%Shipments24%25%30%25%Fourth quarter 2024Logistics&Services18Development in EBIT(USDm)and EBIT margin(%)Revenue growth of 9.9%due to solid development across all regions and most products,with largest contributions from Air,LCL and Warehousing EBIT margin improvements

38、 driven by solid performance in Air and First Mile coupled with cost control Continued CAPEX in Air and Contract LogisticsUSDmQ4 24Q3 24QoQ%Q4 23YoY%Revenue3,8913,893-0.1%3,5429.9%Gross Profit1,226 1,2131.1%1,05017%EBITDA 402431-6.7%28541%EBITDA margin10.3%11.1%-0.8pp8.0%2.3ppEBIT 158 200-21%60163%E

39、BIT margin4.1%5.1%-1.0pp1.7%2.4ppGross capex23221110%2243.6%APMM Q4 2024 Financial Results05010015020001%2%3%4%5%6%Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24EBITEBIT marginFourth quarter 2024Logistics&Services|Profitable growth in Managed by Maersk and Transported by Maersk19Revenue|USDmKey produ

40、ctsQ4 24Q4 23YoY%Managed byMaerskLead LogisticsProject LogisticsCustom Services58448520%Fulfilled byMaerskWarehousingGround FreightLast MileE-Fulfilment1,4881,3877.3%Transported by MaerskLandside TransportationAirLCL1,8191,6708.9%Total Logistics&Services3,8913,5429.9%Note:2023 by Maersk revenue figu

41、res have been restated in order to reflect changes within the Logistics&Services model definition.APMM Q4 2024 Financial Results Managed by revenue increased by USD 99m to USD 584m,driven by Project Logistics and Lead Logistics.EBITA margin expanded to 20.6%(16.7%)Fulfilled by revenue increased by U

42、SD 101m to USD 1.5bn from growth in Warehousing with majority deriving from North America region.EBITA margin was-5.5%(-2.9%)Transported by revenue increased by USD 149m to USD 1.8bn,mainly due to higher volumes in First Mile and higher rates in LCL.EBITA margin was 9.5%(3.7%)Fourth quarter 2024Term

43、inals20Development in EBIT(USDm)and EBIT margin(%)Revenue increased by 17%to USD 1.2bndriven by 6.0%higher volume(6.7%like-for-like)primarily by the Americas Revenue per move increased by 9.0%(10.3%like-for-like)driven by tariff increases,betterproduct mix and higher storage Cost per move increased

44、by 1.1%(+3.4%like-for-like)driven by inflation,depreciation and product mix EBITDA exceeded USD 400m for the third consecutive quarter driven by the strong top-line ROIC(LTM average)increased to 13.5%(10.5%)CAPEX was USD 158m(USD 220m)as major projects were completed in 2024APMM Q4 2024 Financial Re

45、sultsUSDmQ4 24Q3 24QoQ%Q4 23YoY%Revenue1,1941,1830.9%1,01917%EBITDA 421424-0.7%30339%EBITDA margin35.3%35.8%-0.5pp29.7%5.5ppEBIT 3383380.0%23444%EBIT margin28.3%28.6%-0.3pp23.0%5.3ppGross capex158160-1.3%220-28%0%5%10%15%20%25%30%35%0100200300400Q422Q123Q223Q323Q423Q124Q224Q324Q424EBITEBIT marginFou

46、rth quarter 2024Terminals|Strong performance driven mainly by improvedrevenue per move and strong volumes21APMM Q4 2024 Financial Results30345113-50050100150200250300350400450500USDmEBITDA Q423VolumeRevenue per move-58Cost per move17FX,exits and othersEBITDA Q4244216.7%like-for-like increase,driven

47、by North AmericaSelect tariff increases,better product mix and higher storage revenueImpact of inflation and product mixQuestions and answersTo ask a question,please press“*1”Reminder:ONE question per turnFinal remarks Strong finish in fourth quarter third-best financial year in APMM history Progres

48、s in all segments with margin improve-ment in Logistics&Services,strong operations in Ocean and high performance in Terminals Dividend of DKK 1,120 per share for 2024 proposed(40%pay-out),share buy-back programme of USD 2.0bn reinstated Our strong businesses and our financial position make us confid

49、ent to grow further in 2025 in a time where resilient supply chains are important to our customersAppendixFinancial highlights FY 202425Revenue EBITDAEBITCAPEXUSD millionFY24FY23YoY%FY24FY23YoY%FY24FY23YoY%FY24FY23YoY%Ocean37,38833,65311%9,1866,94032%4,7432,227113%2,7081,98736%Logistics&Services14,9

50、20 13,9167.2%14471,25116%53844621%8037714.2%Terminals4,4653,84416%1,6011,27825%1,32998036%5805417.2%Unallocated activities and eliminations,etc.-1,291-348271%-106122NM-111281-140%110347-68%A.P.Moller-Maersk consolidated55,48251,0658.6%12,1289,59126%6,4993,93465%4,2013,64615%APMM Q4 2024 Financial Re

51、sultsInvested capital 202426Invested Capital USD millionFY24FY23YoY%Ocean30,86429,8513.4%Logistics&Services11,631 10,7797.9%Terminals7,930 7,8131.5%Unallocated activities and eliminations,etc.1391,987(1)-93%A.P.Moller-Maersk consolidated50,56450,4300.3%APMM Q4 2024 Financial Results1)Includes Svitze

52、r demerged via spin-off in April 2024.Consolidated financial information27Income statement(USDm)Q4 24Q4 23FY24FY23Revenue14,59411,74155,48251,065EBITDA 3,59783912,1289,591EBITDA margin 24.6%7.1%21.9%18.8%Depreciation,impairments etc.1,6511,5806,2206,615Gain on sale of non-current assets,etc.,net-984

53、222523Share of profit in joint ventures and associates113120369435EBIT2,050-5376,4993,934EBIT margin14.0%-4.6%11.7%7.7%Financial items,net204101317428Profit/loss before tax2,254-4366,8164,362Tax14420584454Profit/loss for the period2,110-4566,2323,908Key figures and financials(USDm)Q4 24Q4 23FY24FY23

54、Profit/loss for the period2,110-4566,2323,908Gain/loss on sale of non-current assets etc.,net9-84-222-523Impairment losses,net.472974371Transaction and integration cost-2715180Tax on adjustments1-2618Underlying profit/loss 2,165-4426,0953,954Earnings per share(USD)133-27387227Lease liabilities(IFRS

55、16)11,41210,48811,41210,488Net interest-bearing debt-7,373-4,658-7,373-4,658Invested capital50,56450,43050,56450,430Total Equity(APMM total)57,94755,09057,94755,090Total market capitalisation25,69828,54125,69828,541APMM Q4 2024 Financial ResultsConsolidated financial information28Cash flow statement

56、(USDm)Q4 24Q4 23FY24FY23Profit/loss before financial items2,050-5376,4993,934Non-cash items,etc.1,7251,3705,8785,973Change in working capital837-513-311417Taxes paid-197-154-658-681Cash flow from operating activities(CFFO)4,41516611,4089,643CAPEX-1,650-1,251-4,201-3,646Repayments of lease liabilitie

57、s-784-763-3,051-3,226Financial expenses paid on lease liabilities-168-141-611-563Financial payments,net152108732853Sale proceeds and dividends received198167837906Free cash flow(FCF)2,163-1,7145,1143,967Acquisitions,net(incl.sales)-15159501,151Dividends and share buy-backs-100-796-1,999-14,088Repaym

58、ents of/proceeds from borrowings,net-135331,462185APMM Q4 2024 Financial ResultsBalance sheet and capital allocation29Debt&cash position(USDm)Q4 24Q3 24Q4 23Borrowings5,0655,4694,366Lease liabilities11,41211,17310,488Other172-2163Total gross debt 16,64916,62114,877Cash and bank balances6,5756,3376,7

59、01Short term deposits(1)15,86715,91812,834Securities1,580-Total cash and deposits24,02222,25519,535Net interest-bearing debt-7,353-5,634-4,658APMM Q4 2024 Financial Results1)Under“Current loan receivables”(see note 3.5“Term deposits and other receivables”in annual report).IR Contact Information&Fina

60、ncial CalendarStefan GruberHead of Investor Relations+45 3363 3484Mikkel JohansenSenior Investor Relations Officer+45 2330 2950Ken Taro MadsenSenior Investor Relations Officer+45 6052 9195Emilie Lillevang BechInvestor Relations Officer+45 4217 6675Charlotte Singerholm Gert HansenInvestor Relations C

61、oordinator+45 2296 3322E-mail:IRWebpage:Investor Relations ContactsShare InformationMarketNasdaq CopenhagenShare classesA:Two votes per shareB:No voting rightsSectorIndustrialsSegmentLargeFinancial Calendar18 March 2025Annual General Meeting8 May 2025Q1 2025 Interim Report7 August 2025Q2 2025 Interim Report6 November 2025Q3 2025 Interim Report